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It uses withholding because it needs a steady stream of income to pay for its expenditures and also because most people would not save enough money to be able to pay their taxes all in one lump sum after the end of the year.
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Which of the following noncash fringe benefits does not represent taxable income subject to federal income tax withholding?
personal use of government car
How will I know if I am due a federal tax refund?
If you are like most working Americans than you most likely did pay to much in withholding taxes. Go to Turbo Tax or H&R Block and use their free federal tax software and find out if you paid too much.
What is the federal tax liability on Oregon state income tax form?
It is basically the amount of federal tax (liability) on your federal return (Form 1040) that you owe before applying your federal estimated payments or federal tax withholding. Oregon law allows you to subtract this on your Oregon return. If you federal tax situation is a bit more complex you may need to use a worksheet (from the Oregon tax instructions) to figure out the correct amount to subtract. Oregon law also limits the amount of this subtraction.
What is a 4?
Use Form W-4 to figure the right amount of federal income tax to have withheld from your paycheck. You may want to review your withholding every year, especially after finishing your tax return. You can have more, or less, income tax withheld from your paycheck. What's a Withholding Allowance? It represents your total tax deductions divided by the personal exemption rate. The withholding allowance is related to, but not the same as, the number of dependents you can claim on your tax return. Learn how to fill one out at: http://taxes.about.com/od/preparingyourtaxes/ht/W4.htm
What does Federal Withholding Tax provide?
It provides estimated payments toward your eventual liability. It provides compliance with the law that estimated payments must be made or penalty and interest would be due with the eventual payment. It provides cash flow for the government to use to provide services and benefits
What is a w-4?
Use Form W-4 to figure the right amount of federal income tax to have withheld from your paycheck. You may want to review your withholding every year, especially after finishing your tax return. You can have more, or less, income tax withheld from your paycheck. What's a Withholding Allowance? It represents your total tax deductions divided by the personal exemption rate. The withholding allowance is related to, but not the same as, the number of dependents you can claim on your tax return. Learn how to fill one out at: http://taxes.about.com/od/preparingyourtaxes/ht/W4.htm
What is the purpose of a W2 tax form?
To report, to both the employee and the government, the types and amounts of income, and the types and amounts of withholding and/or payments made on behalf of the recipient, for everyone's use.
Do you have to file income tax on 11900.00?
Yes it is possible that you would be required to or want to file an income tax return for the tax year 2009. Go to www.irs.gov and use the search box for Do You Need to File a Federal Income Tax Return?Many people will file a 2009 Federal income tax return even though the income on the return was below the filing requirement. The questions below will help you determine if you need to file a Federal Income Tax return or if you need to stop your withholding so you will not have to file an unnecessary return in the future.The Internal Revenue Service is providing this information as a part of our customer service and outreach efforts to Reduce Taxpayer Burden and Processing Costs. Changing your withholding and/or not filing Unnecessary Returns will save both you and the government time and money.Even if you do not have to file a return, you should file one to get a refund of any Federal Income Tax withheld.To determine if you need to file a Federal Income Tax return for 2009 answer the following questions:
Tax Withholding Explained?
The tax law on payroll withholding has been in existence for decades, allowing the IRS and state tax agencies to obtain potential tax revenue as soon as possible. Written into both federal and state laws, withholding requirements are placed on all employers to make sure a specific portion of workers' earnings is captured from payroll as soon as a paycheck is created. In some cases withholding is also applied in non-payroll situations where a contractor has not provided sufficient tax information to an employer. Withholding in and of itself is not a tax, even though it may seem like one to a paycheck recipient. Depending how much is earned, a paycheck recipient will realize the effect of withholding for federal tax, state tax, Medicare, and social security. In some regions withholding may also occur for local taxes as well. The funds are redirected to the respective tax agency and paid in the name of the person who earned the money. At the end of the tax year the workers receives an IRS W-2 form spelling out how much was earned at the given job and how much was withheld. This information is then submitted with a tax return to the IRS and state tax agencies. If the worker paid too much, then the funds come back as a tax refund. If he did not have enough withheld, the amount already paid is deducted from taxes owed and the remainder is due when the income tax return is filed. In the view of many critics tax withholding is essentially providing the government an interest-free loan. Workers don't get the see the funds until an income tax return, and for most workers earning less than $50,000 most of the funds come back. As a result, the government is financing itself for free on thousands of workers. However, federal law was written to make sure the IRS was able to catch the taxable money as quickly as possible for the government's use and the requirement hasn't changed. Most state laws mirror the same requirements. In the case of contractors withholding of up to 28 percent can be required on an employer if the contractor doesn't provide tax identification information to the employer. This is an additional method by which the IRS can make sure it either tracks the contractor or gets the contractor's taxable funds if the business has no immediate information provided.
What are some good sites to do your income tax online?
You can use government websites to do your taxes, for both federal and most states. If you don't want to use government sites try Turbo Tax, it allows you to efile your federal return for free and pay a nominal fee to efile your state return.
Does your husband need to file taxes if he made 5200?
Yes it is possible that you would be required to or want to file an income tax return for the tax year 2009. Go to www.irs.gov and use the search box for Do You Need to File a Federal Income Tax Return?Many people will file a 2009 Federal income tax return even though the income on the return was below the filing requirement. The questions below will help you determine if you need to file a Federal Income Tax return or if you need to stop your withholding so you will not have to file an unnecessary return in the future.The Internal Revenue Service is providing this information as a part of our customer service and outreach efforts to Reduce Taxpayer Burden and Processing Costs. Changing your withholding and/or not filing Unnecessary Returns will save both you and the government time and money.Even if you do not have to file a return, you should file one to get a refund of any Federal Income Tax withheld.To determine if you need to file a Federal Income Tax return for 2009 answer the following questions:
Where can I learn about a fed tax refund?
A Federal Tax Refund is when the government refunds you the extra money you paid for your tax. You can easily get someone to help you do it, or you can use TurboTax (online) to help you get your refund.
